Cibil dropped by 70 points due to wrong reporting by SBI

[SaGa25]

Hi,

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score.

Need help from the community on the next steps on how to resolve the impact on credit score? Shall I ask the branch to send communications to all the credit bureaus separately? How long does it take to rectify the discrepancy?

Kindly help on the same and share other suggestions, if any

 

[Sahilhenzy]

I am not denying his BM does not know the process..
All I said make sure that the report was updated by following it up until it was done either by BM or whoever was responsible in that organisation…
I advised him not to just rely on any individual..
Have you read all my posts above in this regard??

Apologies!. It was a mistake from my side.

 

[SSV]

Apologies!. It was a mistake from my side.

View attachment 50168

No apologies needed, just highlighting the fact…
Let’s move on …

 

[sidp]

When branch manager has power to approve the application then he has power to update the bureau report aswell.

All major banks, mandated by law, follow core banking system. Go to any major banks like sbi/axis/hdfc/icici, most bm/ch or people from loan department dont have any idea about cic reporting.

Sbi has>22k branches. If they give bm direct authorization to update cic records, no late payment will be posted. They will take bribe to update anyone's record.

What they do is raise service request, and put supportive remarks, and someone in backend do cross verification.

 

[Vasuki]

All major banks, mandated by law, follow core banking system. Go to any major banks like sbi/axis/hdfc/icici, most bm/ch or people from loan department have any idea about cic reporting.

Sbi has>22k branches. If they give bm direct authorization to update cic records, no late payment will be posted. They will take bribe to update anyone's record.

What they do is raise service request, and put supportive remarks, and someone in backend do cross verification.

Bm be like
Ab ulip becho na becho
Ghar m Paisa he paisa hoga

 

[SaGa25]

Thank you for the response on the post.

As an update, my branch manager has written to internal nodal officer in SBI stating that the mistake was from bank’s end and has requested them to remove “dpd” (days past due) tagged to loan account.

As previously mentioned by someone, bank also gave similar timeline. It typically takes 3 months to reflect the changes in CIBIL and other credit bureaus.

 

[Vasuki]

Thank you for the response on the post.

As an update, my branch manager has written to internal nodal officer in SBI stating that the mistake was from bank’s end and has requested them to remove “dpd” (days past due) tagged to loan account.

As previously mentioned by someone, bank also gave similar timeline. It typically takes 3 months to reflect the changes in CIBIL and other credit bureaus.

If u have cibil subscription u can see the next day they report to cibil 🌚

 

[SaGa25]

If u have cibil subscription u can see the next day they report to cibil 🌚

Unfortunately I don’t have a subscription and for some reason whenever I login to my cibil account it throws an error.

I typically check by cibil score through 3rd party websites.

 

[Ak Singh]

Unfortunately I don’t have a subscription and for some reason whenever I login to my cibil account it throws an error.

I typically check by cibil score through 3rd party websites.

I had applied sbi cc on april 5, and there is two enquiry on 5 april. so should I contact to sbi to remove 1 extra enquiry?
and where to mail?

 

[Vasuki]

I had applied sbi cc on april 5, and there is two enquiry on 5 april. so should I contact to sbi to remove 1 extra enquiry?
and where to mail?

Sbi cc is different entity.
Contact them through Twitter they will call & follow up

 

[neo.puneet]

SBI has ruined many cibil scores including mine. As much as possible, stay away from this sh1tty bank (except cashback CC of course)

 

[theflash]

Branch Manager writing to cibil will not fix this issue.

There is a formal mechanism to communicate this from a financial institutions to credit bureaus..

Branch Manager should write to their internal loans team requesting to rectify this and then loans will team report the corrected numbers to cibil and other credit bureaus...
This is proper way of fixing this issue..
Make sure all is done properly from SBI side and rhen wait for sometime ( 1 or 2 months ) to see the changes in the cibil..

All the best

I have a similar issue but in this case its SBI CARDS they've reported wrong residential code, its Owned and they've reported it as Rented.

I had escalated this to RBIO as well but they closed the complaint on 10/07/24 with attaching letter dated 26/06/24 stating "we have raised the concern with our internal team for removal of the status from CIBIL and same shall be rectified in the next 15 working days."

Can I reopen the case or should I escalate to RBIO again with a fresh complaint Or should I just leave it as it is and assume nothing can be done?

 

[Shin-Chan]

Hi,

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days. The branch head is cooperative and is ready to write to CIBIL team to correct the discrepancy and restore the score.

Need help from the community on the next steps on how to resolve the impact on credit score? Shall I ask the branch to send communications to all the credit bureaus separately? How long does it take to rectify the discrepancy?

Kindly help on the same and share other suggestions, if any

I had wrong voterid details reported with my Loan to Credit Bureau, Met with BM (changed since I opted for loan) had no clue how to handle the issue yet he assured me will forward my case to concerned department within SBI.

Moreover Customer Care is useless only possible support one can expect can come from gm.customer email; try writing to them.

 

[SSV]

I have a similar issue but in this case its SBI CARDS they've reported wrong residential code, its Owned and they've reported it as Rented.

I had escalated this to RBIO as well but they closed the complaint on 10/07/24 with attaching letter dated 26/06/24 stating "we have raised the concern with our internal team for removal of the status from CIBIL and same shall be rectified in the next 15 working days."

Can I reopen the case or should I escalate to RBIO again with a fresh complaint Or should I just leave it as it is and assume nothing can be done?

I don’t care about the data item you are talking about.
If it matters for you , you can pursue

 

[theflash]

I don’t care about the data item you are talking about.
If it matters for you , you can pursue

It does not affect in anyway?

 

[SSV]

It does not affect in anyway?

I dont think it will affect CIBIL in anyway

 

[RajdeepMaity]

Same thing happened to me. What i did was went to branch manager, got a letter stating everything and scanned and sent letter to the credit dispute email id’s of the bank probably belonged to headquarters and they corrected it in a week. Raising a dispute with transunion cibil or experian won’t help. Thanks

What is the credit dispute email Id of SBI?

 

[Vasuki]

What is the credit dispute email Id of SBI?

Sbi card ? Sbi loan?

 

[RajdeepMaity]

Sbi card ? Sbi loan?

Sbi loan, similar situation my wife is facing with car loan. The branch is not her home branch

 

[Trust Me]

I had taken a car loan from SBI this year. Due to their internal system error they could not deduct the EMI and have wrongly reported the delay to credit bureaus by 10 days.

Thanks for puting this up. I faced exactly the same issue with SBI Car loan. Their systems did not decuct the amount on time and it was reported as delayed to credit bureaus.It dinged my score severely. ........ Sad that a bank of their stature cannot fix their basic systems.

Learning - no more loans from SBI.

SBI has ruined many cibil scores including mine. As much as possible, stay away from this sh1tty bank

Same thing happened with my home loan with HDFC. They didn't deduct EMIs in time, --- and then reported that to the credit bureaus as "delayed payment"! --- And not just once or twice either, but many many times over the tenure of the loan!

Back then I was blissfully unaware of credit scores. It was noticed >15 years later, when I first saw my credit report, -- and long after my loan was already closed! The spurious records still appear on my credit reports to this day! I've chosen to just ignore it because it made no sense to have those corrected so long afterwards.

Moral of the story: large Indian private banks are no saints either!
.